Inevitably, an offer to purchase an assignment (often on an OREA form 150) by a buyer will state that, if applicable, HST is included in the purchase price (as we typically see in any offer to buy resale residential properties). Be aware that according to CRA (Canada Revenue Agency), there are sometimes situations where HST will, in fact, be applicable and payable by the assignor/seller who is assigning a contract to buy a newly constructed unit/residence.

When applicable, HST will be payable by the Assignor (buyer #1 from the builder) on the portion of the assignment sale price related to the return of deposits (paid to the builder by the assignor/seller) PLUS the gross profit (the difference between the builder price and the assignment price). 
                                                            
The confusing question is whether or not HST is, in fact, applicable to the assignment. Assignment sellers should MAKE SURE THAT AN ASSIGNMENT SALE WHICH STATES HST IS INCLUDED IN THE PRICE IS CONDITIONAL ON ASSIGNOR’S/SELLER’S LAWYER’S APPROVAL so that the lawyer for the assignor/seller can advise a seller whether or not HST is applicable to the assignment/sale.

Believe it or not, whether or not HST is applicable to an assignment depends on the original intention/the plan (in the mind of the assignor/seller) when the offer to purchase was made with the builder. If the PRIMARY PURPOSE by the assignor/seller in buying from the builder was to profit by assigning/flipping the deal, THEN HST IS APPLICABLE to the assignment/sale.

On the other hand, if an individual originally signed an offer to purchase a condo apartment (to be newly constructed by a builder) with the primary intention that the unit being bought would be used (for example) by:

(1)        a son or daughter when attending University/College, or

(2)        a parent who wanted or needed a place to reside, or

(3)        a spouse who planned to separate from the family, or

(4)        the buyer(s) who intended to downsize, or

(5)        the buyer(s) who intended to use the apartment when working downtown or when visiting in Toronto, or

(6)        a son or daughter who was engaged to be married, or

(7)        buyer wanted to move closer to a workplace or to relocate a place of work

THEN CRA would typically conclude that HST is not applicable on the assignment/sale if (at a later date) a reasonable change in circumstances resulted in an assignment/sale of the unit if, for example,

(1)        such son/daughter chose not to go to University/College, or

(2)        the buyer’s mom or dad no longer could use or wanted to use such apartment as a residence (death or needs a retirement home), or

(3)        intention to separate from family changed, or

(4)        decision was made later not to downsize, or

(5)        the buyer(s) reasonably changed his/their minds about such intended use, or

(6)        the engaged son or daughter decided not to marry or decided to live elsewhere, or

(7)        the workplace location changed or the intended relocation of workplace changed.

The question is whether the facts or circumstances would indicate to CRA that the condo was originally being acquired from the builder for the primary purpose of personal use versus buying the unit for only a potential profit with the intention of assigning or flipping the deal. If a buyer purchases two or more new condo units or has a corporation purchase a residential unit, it is more difficult (perhaps impossible) to try to explain to CRA that the primary purpose in buying from the builder was to acquire the unit for personal use as a residence for an immediate family member.

As Toronto’s fastest growing neighbourhood, King West Village is a dynamic community with

energetic and creative young professionals who revel the village’s proximity to downtown

offices and the city’s entertainment district; an urban lifestyle that allows them to be home.

King West’s strategic location makes it convenient for residents to access Toronto’s financial

and business districts. As a diverse community of condos, eclectic shops, soft lofts and two-

story loft-condo townhomes, fashionable restaurants, pubs, low, mid and high-rise buildings,

King West is indeed a business hub by day and a pleasure by evening.

Significant landmarks like Thompson Hotel, Exhibition Place, Skydome, Fort York, Harbourfront,

and the Toronto Islands are all easily accessible.  Local public schools include Givins-Shaw Jr. &

Sr. School, Niagara Street Jr. School, Alexander Muir and Gladstone School, Hillcrest Jr. P.S.,

Parkdale C.I. and West Toronto C.I.

King West has a genuine sense of community thanks to the resident’s warm nature and

ambience that pervades the neighbourhood. The broad selection of condos in the

neighbourhood dots the area and adds a touch of comfy that makes King West the ultimate

residence option for many.

As the host neighbourhood of Toronto’s annual International Film Festival, King West Village is

just the place to be. The festival which takes place in September attracts some of the world’s

renowned stars to premiere screenings and creates an exciting buzz within the neighbourhood

and the entire city. The festivals are usually held at the TIFF Bell Lightbox theatre on King West,

which boasts of some of the glitzy condos that truly reflect the neighbourhood’s urban lifestyle.

Visit our site at http://www.propertyinsiders.ca/ for more information on King Blue

Condos; houses for sale, resale houses, homes and condos for sale and among others.

Hiring a good buyer’s agent is imperative to ensure you are well represented in a real estate transaction. Walk into an open house or a developer’s sales center and you will be likely greeted by a pleasant salesperson who will attentively answer all your questions. This does not mean they are working for you in fact current real estate legislature forces them to solely represent the sellers or developer best interest. Understanding agency is fundamental in defining an agent’s role in acting on your behalf. In real estate, there are three types of agents: seller agent, dual agent or buyer agent.

Seller or listing agents are legally obligated to represent the seller’s interests including securing the highest price, creating the best terms, maintaining confidentiality and disclosing information about buyers. Their loyalty is with the seller.

Dual agency is when an agent or broker represents both the seller and the buyer. The intrinsic nature of dual agency means neither party is fully represented. A dual agent is more a mediator for the transaction providing limited representation to both buyer and seller.

Dual agency requires full disclosure to the buyer and seller but a dual agent must respect the confidentiality of both. The seller and buyer both lose some advantage in a dual agency negotiation.

A buyer agent represents the buyer’s interests only. Their duty is to locate the right property, maintain the buyer’s confidentiality, disclose information about the seller, research each property and negotiate on behalf of the buyer. Hiring a buyer agent secures a client relationship which means the agent owes fiduciary duties and responsibility solely to the buyer.

Hiring a Buyer Agent will evaluate your specific needs and help you locate properties throughout the market. A buyer agent will preview properties for you, arrange and accompany you on showings. When a property becomes a potential purchase, a buyer agent will advise you how to structure purchase offers, present the offer on your behalf and negotiate the best price and terms for you. Structuring a purchase offer is fundamental in ensure that the buyer is protected every step of the way.

There are many issues that may come up every step of the way and every deal is different depending on the client’s needs and the type of property that they are buying. A good buyer’s agent will always have the correct checks and balances so you are fully informed about the property so once you move in, there will be no surprises.

Bayview is North York’s hub of sophistication that features a world-class shopping Centre which enhances the urban lifestyle of the residents. Situated right at the north-east corner of Bayview and Sheppard, Bayview Village Shopping Centre has become a popular landmark besides the East Don Valley Parklands and the North York YMCA.
The availability of numerous quality schools, serene residential streets with green spaces and fabulous isolated homes makes Bayview village a family oriented neighbourhood. The Bayview Village neighbourhood boasts of having several exceptional elementary schools that offer outstanding level of academic success to the students. These include Bayview Middle School, Elkhorn Elementary School and St. Gabriel Catholic School which is located west of Bayview Avenue.
Earl Haig Secondary School, situated west of Bayview is one of the best performing high schools in Canada and is home to the most innovative and sought-after student programs, attended by many children of Bayview Village residents. Programs like the Claude Watson Arts set this esteemed high school apart from the rest. Their alumni include famous Canadians like Sarah Polley and Olympic tennis gold medalist Daniel Nestor, who represented Canada at the 2013 Davis Cup.
Bayview village is a great place to live. The neighbourhood directly accesses the TTC’s Sheppard subway line which provides a safe and comfortable setting that is ideal for families. The hub is quiet with well-treed neighbourhoods that complement the urban lifestyle of the residents.  
As Torondo's property sale experts, we know where to find that perfect home or house for you. For more details The Bennett on Bayview

Liberty Village is a vibrant neighbourhood in Toronto with a unique urban feel. The 43-acre master-planned community has a combination of commercial, residential and retail buildings and received its name from property owners and developers in conjunction with Toronto City who branded it.

Liberty Village’s streetscape is proudly dominated by red brick Victorian industrial architecture which makes it distinct. The neighbourhood is bordered at the east by Strachan Avenue, the west by Dufferin Street, the north by King Street West, the south by the Gardiner Expressway and the northeast by the CP railway tracks. 

Liberty Village is famous for its successful Art and Design studios which have attracted many Canadian and US design firms. This has created many job opportunities for young professionals and artists in media, high-tech and design businesses who have moved into this growing urban core to live and work.

Its strategic location adds value to the neighbourhood and the core reason why everybody loves to be in Liberty Village. It takes a 5 minute walk to the Lakeshore, 20 minute walk to the financial core and a 10 minute walk from the fashion/entertainment/gallery districts of King St. West, West Queen West, Ossington, Dundas St. West and Wellington St. West.